US National Security Advisor John Bolton warned foreign businesses doing business in Venezuela and praised newly increased sanctions against Venezuela while speaking to the press at a conference on Venezuela in Lima on Tuesday.

"The executive order gives authority to the treasury department to impose sanctions on any person or business or entity that materially assists the Maduro regime to keep it in power. This is a very rarely used tool by the United States, we have only used it sparingly in the past half-century, but the Maduro regime now joins that exclusive club of rogue states like Cuba, Iran, Syria, North Korea," Bolton said, and added "one way to summarize this to a business, for example, is do you want to do business in Venezuela? Or do you want to do business with the United States?"

US President Donald Trump announced on Monday that the US would expand its existing sanctions against Venezuela with an executive order banning Americans from doing business with President Nicolas Maduro's government, and which will freeze Venezuelan government assets in the US. The move is aimed at increasing pressure on Venezuelan President Nicolas Maduro to step down.

The meeting in Lima was attended by representatives of over 50 countries to discuss the ongoing political crisis in Venezuela.

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